South Africa's Tiger Brands 'still interested in Nigeria' - UAC's CEO

Reuters Staff

1 Min Read

LAGOS, March 31 (Reuters) - South Africa’s Tiger Brands is still interested in investing in Nigeria despite pulling out of a flour milling business it acquired that never turned a profit, local conglomerate UAC said on Friday.

UAC’s chief executive said its partnership with the food company was paying dividends and in recent conversations the South African firm had said Nigeria remained important as it looked to expand abroad.

Tiger Brands sold its 65.7 percent stake in its loss making Nigerian division for $1 to Dangote Industries Limited, having bought it for $200 million in 2012. (Reporting by Chijioke Ohuocha; Editing by Greg Mahlich)